Toncoin VS Render: Which Ethereum Cryptocurrency Will Hit $10 First?

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As a researcher with experience in the crypto market, I have been following the performances of various altcoins amidst the ongoing global crypto market recovery. Among those that have stood out are Toncoin (TON) and Render (RNDR). In this article, we will focus on these two Ethereum cryptocurrencies to determine which one is more likely to reach the $10 milestone first by 2024.

Amidst the ongoing slump in the global crypto market, where some coins are slowly bouncing back, TON (Toncoin) and RNDR (Render) are among the altcoins distinguishing themselves with price recoveries. In this article, we will explore these two Ethereum-based cryptocurrencies to find out which one may hit the $10 mark first by 2024.

Toncoin VS Render: Market Performance

Toncoin (TON) aims to revolutionize the decentralized finance (DeFi) landscape by leveraging Ethereum’s robust smart contract capabilities. The token offers access to a range of financial services, including lending, borrowing, and decentralized trading platforms.

At present, TON is available for purchase at $7.56. In the past 24 hours, there has been a 6.42% increase in its value. Its market worth is approximately $18.4 billion, making it the ninth most valuable cryptocurrency. The trading volume within the last 24 hours was $517.9 million, equating to 2.84% of its total market capitalization.

Currently, there are approximately 2.4 billion TON tokens in existence, with a peak price of $7.78 reached on June 5, 2024, marking an all-time high for the cryptocurrency.

Toncoin VS Render: Which Ethereum Cryptocurrency Will Hit $10 First?

From my perspective as a data analyst, I’d rephrase it this way: I’m here to share that the primary intention behind developing Render is to boost decentralization in rendering processes. The ultimate goal is to make it simpler and more cost-effective for content creators and developers to access cloud computing and rendering services.

At the press time, RNDR is trading at $8.68, having dropped in value by1.82% over the past day.

Having a market value of $3.37 billion, Render occupies the 28th position among cryptocurrencies based on CoinMarketCap’s list. Its trading volume over the last 24 hours amounts to $320.2 million, equating to approximately 9.44% of its total market value.

Approximately 388.65 billion RNDR tokens are currently in circulation, with the token reaching an all-time high price of $13.60 on March 17, 2024. Since then, the price has dropped by over a third (35.84%).

Toncoin VS Render: Technical Analysis

As a Toncoin investor, I’m excited to see robust buy signals across various technical indicators for this Ethereum-based cryptocurrency. These positive readings bode well for the market outlook. Specifically, all Exponential Moving Averages (EMAs) ranging from 10 days to 200 days are signaling a buy zone, suggesting an ongoing bullish trend.

As a researcher studying financial markets, I’ve observed that the MACD level of 0.27 signals a bullish crossover for me, which is a sign of an upward trend in the asset’s price. The Relative Strength Index (RSI) currently reads 63.30, indicating that the asset is getting close to being overbought but still experiencing strong buying activity. Looking at the Fibonacci levels, I notice important resistance points at $7.22 and $7.90, while support can be found around $6.13.

Breaking through these resistance levels may push TON closer to the $10 price point.

In contrast, Render encounters a more complex technical terrain. The short-term and intermediate Exponential Moving Averages (up to the 100-day EMA) send out sell signals, mirroring recent downtrends. On the other hand, the long-term Exponential Moving Average (200-day EMA) conveys a buy signal, hinting at prospects for recovery.

In simpler terms, a MACD reading of -0.331 indicates a downward trend, but the RSI value of 41.036 implies the asset is close to being oversold, potentially drawing in buyers. Significant resistance can be found at $11.60 and $12.80 according to Fibonacci levels, while support lies at $9.63.

To hit the $10 mark, RNDR must surmount notable obstacles and change its current short-term trend.

Verdict: Which Ethereum Cryptocurrency Will Hit $10 First?

When it comes to reaching the $10 mark by 2024, Toncoin seems to be in the lead compared to Render. The technical indicators for Toncoin are highly favorable, indicating robust market confidence and consistent buying interest. Its impressive market performance and solid technical setup position Toncoin well to reach this milestone before Render. Although Render offers an innovative take on decentralizing rendering services, it currently encounters significant technical hurdles and needs to surmount resistance levels to keep pace. Investors should remain vigilant about market conditions for both Ethereum-based cryptocurrencies; however, Toncoin appears set to hit the $10 target first at this time.

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2024-06-13 15:02